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Clarifications on the Call for Expressions of Interest No. JER-008/2010/1

    Date: 30 March 2010 - 12 April 2010



Clarifications on the Call for Expressions of Interest No. JER-008/2010/1 to select Financial Intermediaries that will receive resources from the European Investment Fund, acting through the JEREMIE Trust for Cyprus, to implement the Funded Risk Sharing Financial Instrument 

Reference number: Call for EoI No. JER-008/2010/1

The Deadline for the submission of Expressions of Interest is the 12th of April, 2010. 

Question 1 (Q1):

Governing law and language (Annex 2, page 2): "The terms of the Financial Instrument shall be governed by the laws of England". Please clarify whether or not this is an absolute condition.

EIF Answer:

This is indeed an absolute condition.


Loss Cover (Annex 2, page 4): Please elaborate on the determination of the applicable risk sharing rate.

EIF Answer:

The applicable risk sharing rate for the financial instrument is defined in page 2 and it is set at 50%. This means that if a loan defaults, losses will be shared 50%-50% with the selected Financial Intermediary(ies) - pari passu. Recoveries, following realisation of collateral, will be also shared in the same way.


Publicity (Annex 2, page 6): Please indicate the size of the promotional publications to be placed twice in the three biggest newspapers and the two biggest financial newspapers.

EIF Answer:

No size for the publications has been defined yet. The publications however need to be clearly visible. More details on the publicity requirements will be discussed with the selected Financial Intermediaries in the context of the contractual negotiations process.


Are there any fees or any other charges imposed by EIF on the Financial Intermediary selected? If yes, what will these be?

EIF Answer:

There are no fees or other charges imposed by EIF on the Financial Intermediaries during the stage of evaluation and contractual negotiations.

However, please note that fees and other charges may apply in case of breach of the contractual agreement. More details on this item will be discussed with the selected Financial Intermediaries in the context of the contractual negotiations process.


Appendix 2 to Expression of Interest, Section 4: "Certified copy of banking license or other requisite license or, if not available, other proof of the Applicant's authorisation allowing for the implementation of the Financial Instrument in Cyprus". Please clarify whether or not the submission of a relevant document by the Secretary of the Board of Directors would constitute sufficient evidence for you.

EIF Answer:

It is required to present a document, recognised by the relevant authority, that permits to a Financial Institution to conduct banking business within a specific country. This document is normally the banking license. Any other document however that satisfies the abovementioned conditions shall be accepted.


Appendix 2 to Expression of Interest, Section 6: "Appropriate evidence of the representative's authorisation to act for and on behalf of the Applicant (signatory powers)". Would it be sufficient for you an appointment of the representative by the Applicant's Chief Executive Officer.

EIF Answer:

Evidence of due representation and signatory powers are usually subject to the law governing the Intermediary. Intermediary to provide in accordance with such applicable law.


If an Applicant has been successfully selected to participate in the JEREMIE initiative, but during the negotiation process and prior to signing an Operational Agreement and finalising the Financial Instrument, finds itself in a position where, due to unexpected reasons forced upon the Applicant, needs to withdraw from the initiative, how and when can the Applicant act so;

EIF Answer:

Negotiations of the Operational Agreement by no means entail any obligation for any of the parties to enter into such Operational Agreement. Therefore, it is indeed possible for the Applicant to withdraw from the negotiations. Such intention as well as the reasons behind it should be formally and clearly communicated to the EIF via a registered letter.

To be noted that the process of full evaluation/due diligence on an Applicant as well as the contractual negotiations are normally quite resource consuming. Therefore, if an Applicant for whatever reasons wishes to withdraw from the process, it should notify the EIF accordingly, as early as possible.


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